SEC Joins Federal Facebook Probe As Scope Broadens

The federal government is ramping up scrutiny of Facebook's role in the Cambridge Analytica data privacy scandal as yet another federal agency - the Securities and Exchange Commission - has joined the Federal Trade Commission, the FBI and the DOJ in their investigation of the tech giant, according to the Washington Post.

The involvement of so many agencies confirms that the investigation is broadening in scope. To wit, the addition of the SEC suggests that the emphasis has shifted to whether "representations" made by the company "square with the underlying facts."

While the report didn't include any specifics about the investigation, Facebook CEO Mark Zuckerberg, who sat for a grueling two-day testimony before Congress in April, has since been called out by at least one Democratic Congressman for possibly lying, or otherwise misleading Congress, when he claimed Facebook users had "complete control" over who sees their data. In reality, the New York Times reported that Facebook had given at least 60 major device manufacturers nearly unfettered access to user data. To wit, WaPo reported that Zuckerberg's testimony is being "scrutinized."

Representatives for the FBI, the SEC and the Federal Trade Commission have joined the Justice Department in its inquiries about the two companies and the sharing of personal information of 71 million Americans, suggesting the wide-ranging nature of the investigation, said the people, who spoke on the condition of anonymity to discuss a probe that remains incomplete.

These people added that the emphasis has been on what Facebook has reported publicly about its sharing of information with Cambridge Analytica, whether those representations square with the underlying facts and whether Facebook made sufficiently complete and timely disclosures to the public and investors about the matter. The Capitol Hill testimony of Facebook officials, including chief executive Mark Zuckerberg, also is being scrutinized as part of the probe, said people familiar with the federal inquiries.

Facebook told WaPo that it's cooperating in the probe, and that it had received questions from federal agencies and is working to provide answers as best it can. In a separate probe, the DOJ is also investigating Cambridge Analytica, the data analytics firm that purportedly accessed the data of 71 million American Facebook users without Facebook's - or the users' - consent. The FTC disclosed in March that it had launched an investigation into whether Facebook had violated a consent decree over its handling of personal data - a violation that could potentially lead to more than $1 trillion in fines.

And given that the SEC is now involved, it's possible that the timing of CEO Mark Zuckerberg's stock sales has also come into play.

Stocks

Comments

Twee Surgeon loveyajimbo Mon, 07/02/2018 - 20:07 Permalink

There is Nothing on the Internet that is Secure. Securer, perhaps but not Secure.

There is no such thing. Your credit card company will maintain security as long as this benefits them in the long run but when everything goes sideways they can end all that in half a day. The so called deep web and TOR the Onion thing, designed by the US Navy! We are too old to be doing any weird stuff so we don't have much of a dog in the race other than we think Lefty's are know nothing free ride dickheads and have fun reminding them of facts.

In reply to by loveyajimbo

peopledontwanttruth Four Star Mon, 07/02/2018 - 19:05 Permalink

So true.   It doesn’t even make sense unless we understand it was all put together by the spying government.  

What does it really provide?   You can’t buy from it’s store anything that you can eat, drink or use.  

Its not a service company or a travel company.  

It provides nothing but spying and billions of idiots willing put all their lives, fights, arguing, traveling to partying out there for everyone to see.  

What idiots to tell everyone your business 

In reply to by Four Star

emmalisa403 peopledontwanttruth Mon, 07/02/2018 - 21:42 Permalink

 

G00gle pay 85$ per hour my last pay check was $8500 operating a hundred hours per week on-line. My younger brother friend has been averaging 12k for months currently and he's employed concerning twenty two hours per week. I can’t believe however simple it had been once i attempted it out. this is often what I do.

====http://www.todaysfox.com

In reply to by peopledontwanttruth

Plus Size Model takeaction Mon, 07/02/2018 - 18:49 Permalink

The Northern District of Illinois hornet's nest is looking rather anemic there and so is the Eastern District of NY. My guess is that he's going after pot heads and a few illegals.  What the fuck is going on in Ohio that justifies more indictments than the District of Columbia?   

It's strange they're not acting, because some of those indictments could get stale.

In reply to by takeaction

Scipio Africanuz takeaction Mon, 07/02/2018 - 19:10 Permalink

Facebook is done, why crack your head about it?

In other news, I haven't focused on China, but now I will. The OBOR strategy needs a 'G' added, to make it the Global One Belt One Road (GOBOR) strategy for global economic justice.

In the Western West, the USA, the stabilising node, in the Central West, Europe, the stabilising node, in the Middle East, Iran, the stabilising node, in South America, Brazil, the stabilising node, in Africa, there's no stabilising node, the governments are corrupt as hell. In the East, were it all began, China, the philosophical hub!

Now, the Chinese, old civilization that they are, should understand that, undermining the USA is counterproductive, though the USA is young, civilization wise. We can build a brand spanking new world, but we can't do that without Africa and South America, where spiritual power is reposed.

How about Russia? She's the balancing node!

If China is serious about win win, she'll be expending energy trying to commit the USA to doing her part to implement GOBOR, simply because in today's world, there'll never be another global hegemon, therefore, everybody needs to cooperate to create a world unified in one purpose, and one purpose alone, the unification of the family of humanity, regardless of language, culture, religion, or race.

We are one, and we can only advance as ONE!

Africa and South America are the weak links, strengthen them!...

In reply to by takeaction

loveyajimbo takeaction Mon, 07/02/2018 - 19:15 Permalink

Hey, I am hoping... but this story about "sealed indictments" has been around for a LONG time... Sinclair's article didn't say FELONY indictments... I wonder how many are actually categorized as "Criminal"??

Given the presence of Sessions as AG... let's not get our hopes up.  Hillary should have been indicted the first MONTH.

In reply to by takeaction

SgtSchultz Mon, 07/02/2018 - 18:59 Permalink

It would seem that many of these self righteous liberal web sites are vulnerable to SEC scrutiny.  One the one hand they appear to represent to investors via their SEC filings taking steps to enhance subscriber growth while on the other ban or alienate those that they disagree with politically.   Such could be fertile ground for potential claims of misrepresentation to the investing public.

smacker Mon, 07/02/2018 - 19:05 Permalink

Article: "To wit, the addition of the SEC suggests that the emphasis has shifted to whether "representations" made by the company "square with the underlying facts.""

Translation: "was Zuckerberg lying thru his teeth?"